India won't bow to US tariffs, to push export diversification

India will not "bow down" to steep US tariffs and will press on with export diversification and government support, Commerce and Industry Minister Piyush Goyal said Friday, as New Delhi responds to a 50 percent duty Washington imposed on many Indian imports. Goyal spoke at a construction industry event in New Delhi days after the tariffs took effect on August 27, and repeated assurances in subsequent meetings with exporters that the government will roll out measures to shield industry and push outbound shipments.

Goyal said India remains open to free trade agreements but will resist discrimination, telling attendees "we will neither bow down nor ever appear weak." He predicted that India’s exports in the current year will exceed last year’s, citing record goods and services exports of USD 824.9 billion in 2024-25 and a government target of USD 1 trillion for 2025-26. July 2025 exports totaled USD 68.25 billion, the Commerce Ministry data show.

The tariffs, announced by President Donald Trump as punishment for New Delhi’s purchases of Russian oil, have rattled exporters in labour intensive sectors such as textiles, seafood, gems and jewellery, shrimp, leather and footwear....